The whole of Paul Simon’s Paul Simon in Concert: Live Rhymin’ is credited to “Paul Simon with Urubamba and The Jesse Dixon Singers.” This is consistent with the album art and liner notes which do not give separate performance credits for each track.
However, who appears on which track is quite evident from listening. Paul Simon performs solo on tracks 1-3 & 12-14 [13 & 14 are cd bonus tracks]. Simon performs with Urubamba on tracks 4-6. Simon performs with The Jesse Dixon Singers on tracks 7, 8, 10, & 11. And track 9, Jesus Is the Answer, is performed by The Jesse Dixon Singers without Simon.
Would it be correct to edit the track artists by who actually performs even when this is not indicated in the published album art or notes?
Not sure I’d do that, but I’m not familiar with what people would expect here. At the very least you could add the appropriate performers as relationships on the appropriate recordings 
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If I have any doubt, I always fall back to the documentation and style guides.
The style guide Releases page says “In general, you should just enter the artist(s) as shown on the release.” If I were adding this release, I think I would leave the artist credits as they are, and use the Relationship area as reosaravok suggests.
I would appreciate more detailed information - if it is actually possible (…and it is commented what was done)
If you’re on the fence, with the input going both ways: You can always update the recording information to be as ‘correct’ as possible, but leave the release track artists as printed.
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As a Music person I’d want to see the real performers listed, but the Database people will say to keep it as shown on the cover\booklet. In cases like this I go overboard on getting as many of the Relationships correct as possible like @aerozol is saying.
Thanks for the comments. I have not edited relationships on recordings. I will look into that option.